Econ 1014 Exam 1 Study Guide

An economist would say that nba star kobe bryant who

This preview shows page 6 - 8 out of 13 pages.

4) An economist would say that NBA star Kobe Bryant, who was offered a multi-million dollar contract to play basketball after high school, decided not to attend college because: a. He failed to recognize the marginal benefits to him of a college education b. He is irrational c. He overestimated the cost of a college education d. The opportunity cost of college was too high for him e. He couldn’t afford the tuition 5) Maria decides to spend an additional hour working overtime rather than watching a video with her friends. She earns $9 per hour at her job. Her opportunity cost of working this extra hour is: a. The enjoyment she would have received had she watched the video b. The $9 she earns c. The $9 she earns minus the enjoyment she would have received from watching the video d. Nothing, since she would received less than $9 of enjoyment from the video e. The cost of renting the video minus the $9 she earned while working 6) Because we can be at only one place at a time we have to make choices between activities that we would like to participate in. For example, if we decide to spend the weekend on the ski slopes with friends we can’t spend the weekend working. This is an example of: 7) Suppose we are doing a cost-benefit analysis and I want to know the value to you of the friendship you make in college. Which of the following questions would best help me determine this? a. How much more would you pay to attend college where you were able to make a lot of good friends than to attend a similar college where you didn’t get the chance to make friends? b. What is the least amount of money you would be willing to pay to attend college if friendship was the only benefit you felt you would get out of college? c. What is the opportunity cost to you of friendship? d. All of the above e. None of the above 8) Suppose that you have the opportunity to do one of the following three things with you time following the completion of your bachelors degree at the University of Missouri: 1. You are offered a job with economics consulting firm paying $50,000 per year, 2. Your best friend invites you to travel with him on cross-continent trip through Western Europe for the year, 3. You’re considering attending graduate school to earn an MBA degree. If you chose to travel through Europe, what is the cost to you of the trip?
Image of page 6

Subscribe to view the full document.

Image of page 7
Image of page 8

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern